There are two main types of liquid formulations used as medication: solution and suspension (and variations of each). When you say syrup, I assume you mean a solution. In a solution, the solute is completely dissolved when the medication is administered. In a suspension, the solute is not completely dissolves. Thus, in a suspension there are particles which are unevenly distributed. A suspension could be a means to provide a higher dose of a medication than could be completely dissolved into solution. The only real difference in administering these medications is that you must shake a suspension to evenly distribute the product before administering, but you do not need to shake a solution because the product is already evenly distributed due to being dissolved in the solvent (though there are suspensions with other ingredients to suspend the particles more evenly). Most products over the counter are solutions and the main suspensions utilized are various liquid form antibiotics used for children which must be mixed prior to sale.
There are subcategories of these, such as an “elixer” which is a solution that typically contains ethyl alcohol or an emulsion, which is a suspension with two liquids that are not soluble with each other. An emulsion would be like a salad dressing with oil and vinegar which separates out and must be shaken vigorously. Typically, a pharmaceutical emulsion is stabilized with an “emulsifier” that helps to suspend the liquid droplets within the other liquid.
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